Hyperloop Transportation Technologies (HTT) and Munich Re, a leading global insurer, have revealed that HTT’s technology is both feasible and insurable after collaborating and conducting extensive risk analysis research over the past year.
"Offering an insurable system is a massive milestone for this groundbreaking technology,” said Dirk Ahlborn, CEO and Co-founder of HTT. “As we move forward with commercialization of the system and our technology, our biggest challenge remains the creation of a new regulatory framework.”
Munich Re’s Special Enterprise Risks Unit had been created specifically to look at the risks and challenges posed by HTT’s technology, with the report forming the foundation for active strategic risk assessment.
"The technology developed by HTT is set to fundamentally change the way we travel in the future,” said Torsten Jeworrek, member of the Munich Re Board of Management. “Such technological shifts give rise to new insurance needs that demand innovative solutions – which our Hyperloop team at Corporate Insurance Partner is happy to develop.”
As a result of the successful risk assessment, HTT are now set to begin building their project.
"Now with further validation that our technologies and system are feasible and insurable, we are ready to build,” said Chairman and Co-founder of HTT, Bibop Gresta. “We are delighted to have found an innovative partner in Munich Re that takes a constructive and cooperative approach to our very specific needs."
The two companies will continue to work cooperate in the hope of making HTT becoming a real possibility in the not so distant future.